SAN FRANCISCO--(BUSINESS WIRE)--Brightmark Energy, a San Francisco-based waste and energy development
company, today announced the closing of a $260 million financing package
for the construction of the nation’s first commercial-scale
plastics-to-fuel plant, which will be located in Ashley, Indiana. The
financing for “Brightmark Energy Ashley Indiana” includes $185 million
in Indiana green bonds, which were underwritten by Goldman Sachs & Co.
As part of the financing closure, Brightmark has become the controlling
owner of RES Polyflow, the Ohio-based energy technology company that
innovated the process for converting plastics directly into
transportation fuel and other products.

The Ashley facility will be the first of its kind to take mixed waste
single-use plastics and convert them into usable products at commercial
scale. The facility will initially convert approximately 100,000 tons of
plastics into over 18 million gallons a year of ultra-low sulfur diesel
and naphtha blend stocks and nearly six million gallons a year of
commercial grade wax in a process that is expected to be 93% efficient.
Ultimately, the outputs of this technology could also be used to produce
the feedstocks necessary for manufacturing plastic again, thus creating
the world’s first truly circular economy technology for plastics.

“We are excited about the market’s confidence in the validity of this
technology to economically convert single-use plastics for new uses,”
said Bob Powell, Chief Executive Officer of Brightmark Energy and of RES
Polyflow. “This technology provides a strong incentive for diverting
single use plastics away from oceans, waterways, communities and
landfills by creating reusable value. Plastic pollution is such a
pressing global issue, and we are thrilled at the opportunity to provide
a solution.”

RES Polyflow’s plastics-to-fuel process sustainably recycles waste that
has reached the end of its useful life – including items that cannot
readily be recycled, like plastic film, flexible packing, styrofoam and
children’s toys – directly into useful products, like fuels and wax.

According to analysis
released this week by Closed Loop Partners, there is an existing $120
billion addressable market in the U.S. and Canada for plastics and
petrochemicals that could be met, in part, by recovering waste plastics
like those used as feedstock in the Ashley, Indiana facility. The
resources recovered from waste plastics could displace fossil fuels
being used in these markets today.

Jay Schabel, President of Brightmark Energy’s plastics division and of
RES Polyflow, said, “I’m excited to be joining a team that has the
experience and capability to further the RES Polyflow technology. The
Ashley facility provides the next step in realizing our vision to end
plastic pollution, and we look forward to partnering with Brightmark to
develop future plastics-to-fuel projects throughout the United States.”

A total of 136 full time manufacturing jobs will be created in Northeast
Indiana when all phases of the facility are operational. BP will
purchase the fuels produced by the facility, which will be distributed
in the regional petroleum market. The Ashley plant will also produce
commercial grade waxes for sale to the industrial wax market, which will
be purchased by AM WAX.

A groundbreaking is scheduled for next month. Interested reporters can
contact the company for more information.

ABOUT BRIGHTMARK ENERGY

Brightmark Energy develops, owns and operates waste and energy projects
that employ technology solutions including plastics to renewable
resources and renewable natural gas solutions for its customers and
partners. Brightmark’s mission is to create significant long-term value
and a positive global impact by delivering waste and energy solutions.
Brightmark’s subsidiary, RES Polyflow, designs, manufactures and
implements commercial scale energy recovery systems that offer a
responsible end of life solution for non-recycled waste plastic. Learn
more at http://brightmarkenergy.com.